Boosted by a healthy job market and low unemployment, the U.S. multifamily sector posted steady rent growth in 2019, according to a new report from Yardi Matrix.
Rents grew 3% for the year. “Fundamentally, the market is sound, with no red flags on the immediate horizon,” the report says, despite a seasonal $1 drop in the average U.S. rent in December.
Twenty-one of the top 30 metros tracked by Yardi Matrix recorded rent growth of at least 2.6% in December. That group includes primary markets such as Washington, D.C., and Boston as well as secondary markets like Philadelphia, Charlotte, N.C., Indianapolis and Austin, Texas.
Nashville, Tenn., and Raleigh, N.C., joined Phoenix, Las Vegas and Sacramento, Calif., as the year-over-year rent growth leaders in December. Phoenix and Las Vegas have topped the rankings since October 2018.
Related Stories
| Jan 6, 2015
Construction permits exceeded $2 billion in Minneapolis in 2014
Two major projects—a new stadium for the Minnesota Vikings NFL team and the city’s Downtown East redevelopment—accounted for about half of the total worth of the permits issued.
| Jan 2, 2015
Construction put in place enjoyed healthy gains in 2014
Construction consultant FMI foresees—with some caveats—continuing growth in the office, lodging, and manufacturing sectors. But funding uncertainties raise red flags in education and healthcare.
Sponsored | | Dec 30, 2014
Case studies: Engineered wood brings cost savings, design flexibility across commercial project types
For commercial architects facing increasing pressure to design innovative structures while simultaneously cutting costs and accommodating tight deadlines, engineered wood systems are providing a welcome solution.
| Dec 28, 2014
Robots, drones, and printed buildings: The promise of automated construction
Building Teams across the globe are employing advanced robotics to simplify what is inherently a complex, messy process—construction.
| Dec 28, 2014
AIA course: Enhancing interior comfort while improving overall building efficacy
Providing more comfortable conditions to building occupants has become a top priority in today’s interior designs. This course is worth 1.0 AIA LU/HSW.
| Dec 28, 2014
6 trends steering today's college residence halls
University students want more in a residence hall than just a place to sleep. They want a space that reflects their style of living and learning.
| Dec 22, 2014
Studio Gang to design Chicago’s third-tallest skyscraper
The first U.S. real-estate investment by The Wanda Group, owned by China’s richest man, will be an 88-story, 1,148-ft-tall mixed-use tower designed by Jeanne Gang.
| Dec 17, 2014
ULI report looks at growing appeal of micro unit apartments
New research from the Urban Land Institute suggests that micro units have staying power as a housing type that appeals to urban dwellers in high-cost markets who are willing to trade space for improved affordability and proximity to downtown neighborhoods.
| Dec 15, 2014
SHoP Architects plans to turn NY's Seaport District into pedestrianized, mixed-use area
The scheme includes a proposed 500-foot luxury residential tower that would jut out into the harbor, extending the Manhattan grid out into the waterfront.
Sponsored | | Dec 3, 2014
Modular Space Showcase: Bringing work-life balance to energy workers in the Bakken region
To meet the demands of the booming energy business, Williston needs to provide homes, recreation centers, restaurants, hotels, and other support facilities for the tidal wave of energy workers relocating to the Bakken Shale area. SPONSORED CONTENT